Ukheshe - Afrikan Heroes

South African Fintech Ukheshe Acquires EFT Corporation in Strategic Fintech Move

January 25, 2024

Ukheshe Technologies CEO Clayton Hayward

In a significant development for the African fintech landscape, Ukheshe International has successfully acquired 100% ownership of EFT Corporation Limited (EFTCorp) from its parent company, Loita Transaction Services (LXS). This strategic move follows Ukheshe’s noteworthy 2022 acquisition of Masterpass in South Africa and the closure of a funding partnership with Development Partners International (DPI) in 2023.

The acquisition marks a major milestone for both Ukheshe and EFTCorp, demonstrating their shared commitment to innovation and growth in transforming financial services across the African continent. Both companies will continue to operate independently under their respective brand identities, maintaining a focus on their unique strengths and expertise.

EFTCorp, a pioneering force in digital payments with 23 years of experience, operates in 35 African markets, supporting over 100 banks and processors. The company is renowned for its core switching skills and issuer processor technology. Ukheshe, on the other hand, offers a comprehensive range of end-to-end digital services aimed at digitizing banking partners.

The deal positions Ukheshe to access new technologies and opportunities in a diverse market, expanding its reach across Africa and the Middle East. EFTCorp’s management, including its founding CEO Stephen Enderby, will continue to lead the company in the next phase of growth.

Ukheshe’s expertise in digital onboarding, KYC, digital wallets, and various payment channels will present new opportunities to digitize EFTCorp’s traditional customer base, providing them with an expanded suite of innovative digital services. This collaboration ensures EFTCorp’s customers will continue to engage with a trusted brand while gaining access to cutting-edge fintech solutions.

Clayton Hayward, Co-founder and CEO of Ukheshe, expressed his enthusiasm about the consolidation, stating, “The market is ripe for consolidation and disruption, bringing together these like-minded executive teams and our great products positions us to dominate the African continent as the preferred banking solutions partner.”

The acquisition aligns with the group’s strategic goals of scaling and innovating while extending its footprint across markets in Africa and beyond. This move is expected to deliver increased value to customers, shareholders, and partners.

EFTCorp’s CEO, Stephen Enderby, shared his perspective on the partnership, saying, “Together with Ukheshe, we combine great products and extensive executive depth to achieve our growth ambitions. As a group, we continue to look for complementary acquisitions and investment opportunities across the continent and the Middle East.”

James Griffiths, Partner at DPI, expressed his excitement about supporting Ukheshe in this acquisition, emphasizing confidence in Ukheshe’s innovative vision, strong leadership, and exciting growth potential.

Ukheshe International, a leading fintech enablement partner with a global footprint, specializes in enterprise platform delivery of embedded finance. The company strives for transformation and innovation in the payment industry, creating scalable and secure components ready for deployment in market-leading digital-first propositions.

EFT Corporation, with over 22 years of market experience, is a focused payment and eCommerce solutions provider catering to corporations requiring electronic payment solutions. With a robust presence across Africa, EFT Corp services over 140 retail and financial clients and represents seven industry-leading international partners.

Ukheshe EFT Corporation Ukheshe EFT Corporation

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Ukheshe Raises Funding to Fuel International Expansion

December 11, 2022

The South African fintech enabler Ukheshe has attracted investment to fuel its international expansion. Ukheshe was established in 2018 to enable companies in the African fintech ecosystem to deliver embedded finance that aims to close the financial inclusion gap. It serves over 100 customers across different sectors, including banks, fintechs, mobile network operators, and other small and medium-sized businesses.

The startup has begun to accelerate its international expansion, serving customers across eight countries, and will do so with additional capital from ADP III, a fund advised by Development Partners International (DPI), a premier, Africa-focused investment firm, alongside funds advised by Fireball Capital, a leading South African venture capital firm.

Clayton Hayward, Ukheshe’s founder and CEO

The deal, which is subject to customary closing conditions, reinforces Ukheshe’s strategy and will support its long-term growth as the business continues to drive forward its acquisitive expansion plans.

“Ukheshe’s mission is to transform the lives of individuals by facilitating access to critical financial products and services that support the growth and prosperity of communities globally. We have made great progress in recent years, growing our footprint, and expanding our reach across Africa,” said Clayton Hayward, Ukheshe’s founder and CEO.

“As we continue to grow, we look forward to partnering with DPI, who as a leading Africa-focused investor, brings international market knowledge and experience in investing and creating value across the continent. Combined with the deep local market understanding of Fireball Capital, that has a track record of seizing opportunities in the fintech space, we are excited about Ukheshe’s future. As we look for new ways to build on our success, we will work together to accelerate our international strategy and reach more customers across the region.”

In addition to capital, DPI will look to support Ukheshe to further institutionalise the business, achieve its ambitious organic and inorganic growth plans, create quality employment opportunities, and support the financial inclusion of emerging markets. DPI’s experience in scaling industry focused platforms across multiple jurisdictions will support Ukheshe in achieving its strategic ambitions.

“Ukheshe is at the forefront of innovation in payments and fintech, expanding financial inclusion and increasing access to affordable digital banking and payments services to customers across Africa. The business has scaled rapidly since 2018, building a strong runway for future growth as it looks to seize opportunities internationally and deploy its portfolio of solutions into diverse markets. We are excited to bring our experience in the sector and extensive market knowledge to the table, working closely with Clayton and his dynamic management team to help them realise their ambitions,” said James Griffiths, managing director at DPI.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

South African Fintech Startup, Ukheshe, Expands To Asia-Pacific

September 1, 2021

Ukheshe Technologies, a leading South African fintech enablement firm, has announced a new relationship with dzcard, a global next-generation card solutions and digital security company. The collaboration will strengthen dzcard’s adaptable solutions for a variety of digital ecosystems and places.

Ukheshe’s Eclipse API platform and market-leading digital payment solutions will be used in the agreement, allowing both companies to deliver digital initiatives in their respective sectors.

Ukheshe’s digital payments enablement platform has grown and matured dramatically, according to Donovan Drew, President: Asia-Pacific, as the financial services market wants creative solution providers who can address basic payment gaps. “The partnership will provide further channels for dzcard to expand upon within the existing customer base and remain current in the fast-evolving digital payments domain. With this Ukheshe will expand its footprint into Asia Pacific,” he said,

He continues, “The relationship is a natural fit for both organizations because of Ukheshe’s award-winning digital payment platform and dzcard’s prominence as leaders in secured smart card solutions and digital security.”

“At dzcard, we aim to address the changing needs of our customers who are craving advanced services and seamless experiences. By fusing the physical and digital spaces, customers can enjoy secured cashless payments solutions. With this partnership, Ukheshe and dzcard bring a unique service offer in terms of accessibility, availability and usability to customers from fintech to financial institutions reinforced with reduced time-to-market, good cost-effectiveness, and a customer-first approach,” Sutat Suksawat, Managing Director of dzSolution at dzcard said.

Ukheshe currently supports nine issuers, including four telcos, six banks and fintechs, 334 029 merchants, and 2 271 880 apps, through its platforms and technology.

Ukheshe Technologies Asia Pacific Ukheshe Technologies Asia Pacific

Nigerian Startups Lead African Startup Expansion Efforts In 2021, With Fintech Topping The List

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

Ukheshe Plans to Acquire Digital Payments Platform, Oltio

November 23, 2020

Leading digital company, Ukheshe has entered into an agreement to acquire Oltio, a digital payments platform that supports Masterpass – Mastercard’s QR payment service in South Africa with more than 300,000 merchants and billers. The use of QR codes in South Africa provides merchants of all sizes – from large retailers chains to individual shop owners and street vendors – a fast, secure and inexpensive way to accept payments.

This deal is expected to strengthen Ukheshe’s partnership with Mastercard – combining its ability to solve local market pain points with Mastercard’s global scale, technology and payment expertise. Ukheshe will continue to provide the same support to the banks and other service providers that currently offer Masterpass, ensuring business continuity with no impact to consumers or merchants.

“Oltio is a natural fit for the company given its proven track record of developing mobile-centred solutions and the fintech’s strong existing partnership with Mastercard. Digital-first solutions for consumers remain a key priority,” says Clayton Hayward, CEO of Ukheshe. He added that by enabling different customer segments as part of our ongoing partnership with Mastercard, Ukheshe is well placed to continue providing fintechs, telcos and banks with payment solutions, and services that will further deepen financial inclusion in South Africa..

Reacting to the development, the Country Manager of Mastercard South Africa, Suzanne Morel said that the deal builds on the momentum of our QR work in South Africa and deepens our collaboration with fintechs. Adding that Mastercard looks forward to combining our global network with Ukheshe’s local understanding of consumer and SME pain points to provide consumers and businesses with safe and seamless payment experiences.” The transaction is anticipated to close by the end of the year.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Ukheshe Africa Restructures its Management

September 23, 2020

Ukheshe, the South African micro transaction platform that allows customers to pay and get paid has undergone a series of management restructuring. The firm announced the appointment of Victor Ndlovu as its new Vice President for Africa and Paul Opie as Head of Issuing for Ukheshe Africa. Both appointments come as the fintech innovator continues to branch out from its South African roots into Africa. Joining Ukheshe from Wirecard South Africa, where he was responsible for driving regional business development, Opie says he is looking forward to working on local solutions that meet local market requirements and expanding them more broadly.

Victor Ndlovu, new Vice President for Africa

“The challenges in the African payment industry as well as current global trends presents an opportunity for us to provide cost-effective payment acceptance infrastructure, such as QR code or mobile, rather than POS. Increase in acceptance creates trust and limits the want to withdraw cash from ATM. Low-cost acceptance, transacting and open-loop interoperability for local use and international e-commerce is a true opportunity for Ukheshe.”

According to the most recent Banking in Africa report, African banking groups are still emphasising investment on e-banking and mobile banking services. Some groups are also deploying or planning the development of fintech, with a focus on facilitating mobile money, electronic transfers and back-office operations. In addition, a fair proportion of banking groups surveyed for the report are also investing in lending-related fintech, including data analytics and blockchain technology.

Ndlovu says financial inclusion remains a key challenge on the continent as millions still lack access to regulated financial services. “Ukheshe provides fintech solutions for the underbanked. This fits perfectly with my professional passion of helping people step out of poverty in Africa and contribute to the growth of their economies and communities.”

Commenting on the company’s recent appointments, Clayton Hayward, co-founder and CEO of Ukheshe, says both Ndlovu and Opie’s qualifications, career experience and in-depth knowledge of the sector are an invaluable asset to the team. “We are pleased to welcome such skilled and committed professionals to the fold who will no doubt enhance our capacity to compete in a uniquely demanding market.”

Unlike any eWallet or QR payment service Ukheshe works with your lifestyle, not the other way around and is now Masterpass certified which means it can accept payment from Zapper and most banking apps.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry